SDIC and SDIC Julie are different entities. SDIC refers to China SDIC Group Co., Ltd., a state-owned enterprise group, which was established in 1997 and belongs to a large national pilot enterprise group. SDIC Juli refers to SDIC Juli Investment Management Co., Ltd., which was established on 20 17. It is a professional private equity fund management company initiated by China Development and Investment Group Co., Ltd. and China Investment Association, a member of the professional committee of state-owned investment companies.

SDIC Group is a large state-owned enterprise group with a wide range of investment and business, covering energy, transportation, finance, real estate and other industries. SDIC Julius is an investment management company under SDIC Group, focusing on private equity investment. Therefore, SDIC and SDIC Massive Dynamics are two different entities with different business scope and functions.